AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Tax-based export incentive
On 7 October 2015, as per an official Press release India increased the funds allocation for exports under the Merchandise Exports Incentive Scheme (MEIS) for the financial year 2015 (until 31 March 2016) from INR 18,000 crore (USD 2771 million) to INR 21,000 crore (USD 3233 million). The MEIS, announced in April 2015 with the new Foreign Trade Policy, provides tax credits ranging from 2-5% of the export value of more than 3500 products. The product scope and credit amount depend on the destination country.
The countries belonging to MEIS Country Group B are a diverse set of 138 nations. For exports to those countries, a total of 2338 products (defined at the HS 8-digit level) are eligible for the incentives.
The countries belonging to Group B are Algeria, Angola, Antigua & Barbuda, Argentina, Armenia, Azerbaijan, Bahamas, Bahrain, Barbados, Belarus, Belize, Benin, Bermuda, Bolivia, Botswana, Brazil, British Virgin Islands, Brunei Darussalam, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Chinese Taipei, Colombia, Comoros, Congo, Costa Rica, Ivory Coast, Cuba, Republic of Korea, DR Congo, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Ethiopia, Falkland Islands, French Guiana, Gabon, Gambia, Georgia, Ghana, Grenada, Guadeloupe, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Indonesia, Iran, Iraq, Israel, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Lao, Lebanon, Lesotho, Liberia, Libya, Madagascar, Malawi, Malaysia, Mali, Martinique, Mauritania, Mauritius, Mexico, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Netherlands Antilles, Nicaragua, Niger, Nigeria, Oman, Panama, Paraguay, Peru, Philippines, Qatar, Republic of Moldova, Réunion, Russia, Rwanda, Saint Helena, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Sao Tome & Principe, Saudi Arabia, Senegal, Seychelles, Sierra Leone, Singapore, Somalia, South Africa, Republic of the Sudan, Suriname, Swaziland, Syria, Tajikistan, Thailand, Togo, Trinidad & Tobago, Tunisia, Turkey, Turkmenistan, Turks & Caicos Islands, Uganda, Ukraine, United Arab Emirates, Tanzania, US Virgin Islands, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zambia and Zimbabwe.